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How can I set my initial balances? (Pro)
How can I set my initial balances? (Pro)
Updated over a week ago

In order to have an accurate Balance Sheet, you should set up your “beginning balances” in Hurdlr. For each linked account, you will need to look up the balance of that account on the date immediately before you started tracking it in Hurdlr.

With that information, you’ll want to create a manual journal entry in the General Ledger for that date and amount by debiting your specific linked account and crediting Capital Stock (if entity is set as S Corp or C Corp), Member 1 Capital (if entity is set as LLC or LLP), or Owner’s Capital (if entity is set as Sole Proprietorship).

For example, if you're a Sole Proprietor who started tracking transactions from your Chase credit card in Hurdlr on 1/1/2023, and your Chase credit card balance as of 12/31/2022 was $1,000. In Hurdlr, you would create a manual journal entry for 12/31/2022 debiting your Chase credit card account by $1,000 and crediting Owner's Capital by $1,000.

Please consult your bookkeeper or accountant before making manual journal entries. You can even invite your accountant to make manual journal entries on your behalf.

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